As a seasoned crypto investor with experience in this volatile market, I’m closely monitoring the insights of respected analysts like TechDev and Rekt Capital. Their latest analyses suggest that Bitcoin is yet to reach its full potential in this market cycle, with more price surges on the horizon. This news brings me both excitement and caution, as the potential for significant gains is high, but so is the risk of a sharp correction.
TechDev, a well-known crypto analyst, shares his perspective on Bitcoin‘s future direction. According to him, there is still significant room for growth in this market cycle for the pioneering cryptocurrency, indicating further price increases for Bitcoin.
Not Yet Time For A Bitcoin Blowoff Top
TechDev, in a recent post on X (previously Twitter), pointed out that Bitcoin’s price peaks, or “blowoff tops,” are preceded by the four-week Chaikin Money Flow (CMF) line being breached, as shown in the accompanying chart. This observation implies that Bitcoin is predicted to continue its upward trend in a parabolic manner before undergoing a substantial correction.
As an analyst, I’ve observed that blowoff tops are a distinctive chart pattern characterized by a swift escalation in an asset’s value, followed by a sudden and significant decline. In TechDev’s analysis, this pattern was evident during previous bull markets, with Bitcoin exhibiting a parabolic surge for approximately a year prior to experiencing a sharp price correction.
According to TechDev’s chart and Rekt Capital’s analysis, Bitcoin is poised for another parabolic surge that could last from now until around 2025. This growth phase will mark the next significant leg up in Bitcoin’s market cycle before a substantial correction occurs.
It’s intriguing that according to TechDev, Bitcoin may experience a significant price surge sooner than anticipated. This potential breakout, which has only occurred once before in Bitcoin’s history, could transpire within the next 18 days based on his analysis. The cryptocurrency’s price could potentially reach impressive heights, with TechDev suggesting a possible peak of $190,000 during this bull market.
As a crypto investor, I’d like to add that analyst CrediBull Crypto has recently predicted an imminent Bitcoin breakout. He believes Bitcoin will experience significant growth within the next seven to ten days and potentially reach prices as high as $100,000 during this surge.
Bitcoin’s Breakout May Still Take A While
Crypto expert Rekt Capital predicts that Bitcoin will break free from its current consolidation phase, which he anticipates happening in September 2024 based on historical patterns. According to him, this prolonged struggle for Bitcoin to advance beyond the consolidation range is advantageous for the overall trend of the market cycle.
Rekt Capital pointed out that Bitcoin’s early price surge following a halving event is unusual, suggesting that this cycle could unfold more rapidly than past ones. Consequently, he posits that the current extended period of price stability is beneficial, as it allows Bitcoin’s price to align with historical trends and set the stage for a typical, robust bull market.
Currently, Bitcoin is priced approximately at $66,900 as I pen this down, representing a nearly 1% decrease within the past 24 hours based on information from CoinMarketCap.
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2024-06-14 19:16